Private equity will find it increasingly difficult to compete with Chinese companies in bidding for strategic mining assets, according to $8.4bn private equity firm Denham Capital.
Firms in the sector have raised an estimated $7bn-$10bn to invest in metals and mining amid a commodity downturn that has pushed companies to shore up their balance sheets. But there has been little involvement so far in large deals.
China Molybdenum has emerged as the main buyer of assets this year. The company bought Freeport-McMoRan’s stake in the Tenke Fungurume operation in the Democratic Republic of Congo for $2.65bn earlier this month and in April agreed to buy niobium and phosphate assets in Brazil from Anglo American for $1.5bn.
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